Knowing agent terminology – Makes you a Pro! So remember a few of these:
Qualia: This is an Internet program that the settlement companies use to retrieve information from you regarding your ratified contract as it goes toward settlement. You want to be sure to complete your tasks. When the settlement company sends you the link, click tasks at the top of the page.
WDI: This stands for Wood destroying insects. So when you send or receive the pest inspection report, it is not called a pest inspection report. It’s called the WDI.
Listing Agent: The agent that listed the property for sale.
Selling Agent: The agent who showed the property is the Selling agent.
Alternate Agent: On a listing, this is another agent helping the listing agent.
Alternate Agent: On a listing, this is another agent helping the listing agent.
The Escrow agent is the company ( not really an agent) holding the EMD.
( EMD stands for earnest money deposit)
Dual or designated representation: When you are the listing agent and you have an open house and a buyer wants to write a contract, you would still only represent the seller but will facilitate the transaction by having the buyer sign an unrepresented form and write the contract. This means we get both sides of the commission. We never represent both seller and buyer, which is called Dual) If the buyer insists on representation, you would designate another agent in our company. (Designated)
Seller Subsidy: Sales price is reduced by the seller subsidy. ( this is an amount at or under the sellers closing costs.) Check with the lender to not go over the closing costs, because you can not get any overage
Pre-approval letter: This is provided with your contract offer. The Commitment to loan means your loan is fully approved and ready for settlement.
Alta: This is like a summary sheet that details the final numbers for settlement. It used to be called the HUD.
CD: This is the closing disclosure. It lists all final terms of the loan, final closing costs, and the details of who pays who.
Rebate: is when the buyer wants part of your commission. Clients will never know your true commission, so if rebate comes up, always say you are on a 50% split with the Brokerage. (and the Brokerage never contributes to rebates.) Then negotiate how much of your 50% they want. You come out ahead since they are hard pressed to say they want all of your commission.
POA docs: These are the Property Owners Association documents that give rules that go with the house. After the buyer receives them from the listing agent, the buyer has 3 days to cancel or the contract continues automatically.
( same goes for condo docs)
CS: Commission split, which is found at the bottom of the MLS print out.
DOM: this is Days On Market, found at the bottom of the MLS print out.
Case Processing Sheet: Keeping your Broker informed is a DPOR requirement. Upon any ratified contract, listing agreement, and tenant or buyer representation agreement it is required you go to www.nat22.com and scroll to case processing sheets, provide the information and upload the contract online by just hitting submit.
Training in a Minute: This is our National Realty email training program. As an agent you should adapt the same free idea by assembling all your sphere of influence into a group and then emailing them monthly. Subject line: Real Estate in a Minute.
Then find interesting information about Real Estate and in your own short email let them know. This reminds them you are a Realtor.